To Determine a Value for Gross Domestic Product (GDP),you Would

question 171

Multiple Choice

To determine a value for gross domestic product (GDP) ,you would add up the

• A) quantities of the final goods and services produced.
• B) dollar value of the final goods and services produced.
• C) dollar value of the final goods and services produced minus the dollar value of the intermediate goods and services produced.
• D) dollar value of all goods and services produced.
• E) quantities of all goods and services produced.

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Definitions:

Final Goods

Refers to products that have completed the manufacturing process and are purchased by consumers without further processing.

Margin

The difference between the cost of a product or service and its selling price.

Economics

The efficient allocation of the scarce means of production toward the satisfaction of human wants.

Input

Resources used in the production process, including labor, materials, machinery, and other factors of production.